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Ranked: 10 Best and Worst States to Retire Rich

Staff Report From Georgia CEO

Thursday, July 16th, 2015

Americans who want to retire rich should consider moving to New Hampshire and avoid settling down in New York, according to a new GOBankingRates study. With nearly a third of Americans reported to have no retirement savings1, GOBankingRates identified the best and worst states to preserve wealth as a retiree, based on several regional factors that impact older Americans' finances most: taxes, living expenses and health care.

"Retirees depend largely on savings for income, so financial considerations should carry the most weight when deciding where to live in retirement," said GOBankingRates Editor-in-Chief Casey Bond. "Long-term happiness is directly related to quality of life; it's difficult to live happily in retirement when you can't afford quality healthcare and high taxes."

For the full ranking and analysis of the best and worst states to retire rich, visit: http://www.gobankingrates.com/personal-finance/best-worst-states-retire-rich/

GOBankingRates investigated all 50 states and surveyed the regional factors affecting retirees' ability to maintain wealth, including state inheritance, property, sales, estate, and Social Security income taxes; home values and listing prices; local deposit rates; the cost-of-living index; and average individual insurance premiums, Medicare payments, and the health of seniors who take advantage of regional health care.

10 Best States to Retire Rich 

10 Worst States to Retire Rich
  1. New Hampshire 
  2. Delaware 
  3. Idaho 
  4. Wisconsin 
  5. Wyoming 
  6. Alaska 
  7. South Dakota 
  8. Michigan 
  9. Utah 
  10. Arkansas
  1. New York 
  2. New Jersey 
  3. Illinois 
  4. Connecticut 
  5. California 
  6. Vermont 
  7. Rhode Island 
  8. Massachusetts 
  9. Washington 
  10. Nebraska

Key Insights:

The Granite State: Even though the state has a high cost of living, New Hampshire ranks as the best place to retire on GOBankingRates' list, boasting no sales, estate, inheritance or Social Security income taxes. 
Costly health care: New Jersey, Massachusetts and New York suffer the highest health care premiums in the nation, leading to all three states ranking among the worst states for retirees.
Affordable living: Arkansas ranked well for cost of living, has one of the lowest average home listing prices, and has no Social Security, estate or inheritance taxes. Its average health care premiums are just $26 higher than the lowest in the country, which are in Utah.